Bay Street May Open With Negative Bias

(RTTNews) - The Canadian market may open with a negative bias Tuesday morning with energy stocks likely to be under pressure due to a sharp fall in oil prices. The focus will be on the nation's inflation data.

Canadian inflation data for the month of September is due at 8:30 AM ET. The annual inflation rate in Canada decelerated for the third month to hit 2% in August, the slowest since February 2021, and reaching the central bank's target for the first time in over three years.

Core consumer prices in Canada increased by 1.5% in August, compared to the same month in the previous year, and easing from 1.7% in July.

Data on Canadian wholesale sales fr the month of September is also due at 8:30 AM ET.

Canadian stocks showed a strong move to the upside during trading on Friday, extending the upward trend seen over the past few sessions. The benchmark S&P/TSX Composite Index, which remained firmly positive throughout the day, ended with a gain of 168.91 points or 0.7% at a new record closing high of 24,471.71.

Data from Statistics Canada showed that employment in Canada rose by 46,700 jobs in September, the most in five months and well above the market consensus of a net increase of 27,000 jobs. The unemployment rate in Canada also eased to 6.5% in September from the 34-month high of 6.6% recorded in the previous month.

Kinaxis Inc (KXS.TO) announced over the weekend that it has struck a co-development deal with ExxonMobil to create supply chain solutions for the energy sector. Under the deal, the companies will collaborate to identify supply chain challenges unique to the energy sector and create a potential industry solution to mitigate them.

Primo Water Corporation (PRMW.TO) today announced that its Board of Directors declared a special dividend of US$0.82 per share on its common shares, payable in cash on November 21, 2024 to shareowners of record at the close of business on November 5, 2024.

Asian stocks closed broadly higher on Tuesday, with Japanese markets leading regional gains after Prime Minister Shigeru Ishiba reportedly said his government is aiming to compile a supplementary budget for the current fiscal year in excess of last year's 13.1 trillion yen to fund an economic support package.

Chinese and Hong Kong markets underperformed after weekend announcements from authorities about economic support failed to inspire confidence among investors.

European stocks are mostly moving lower with investors digesting a slew of mixed regional data and looking ahead to the European Central Bank's meeting later this week. Middle East concerns appear to be weighing as well on sentiment.

In commodities, West Texas Intermediate Crude oil futures are down $3.02 or about 3.1% at $70.81 a barrel.

Gold futures are up $1.50 or 0.06% at $2,667.10 an ounce, while Silver futures are up $0.014 or 0.04% at $31.330 an ounce.

LIKE.TG：汇集全球营销软件&服务，助力出海企业营销增长。提供最新的“私域营销获客”“跨境电商”“全球客服”“金融支持”“web3”等一手资讯新闻。

点击【联系客服】 🎁 免费领 1G 住宅代理IP/proxy， 即刻体验 WhatsApp、LINE、Telegram、Twitter、ZALO、Instagram、signal等获客系统，社媒账号购买 & 粉丝引流自助服务或关注【LIKE.TG出海指南频道】、【LIKE.TG生态链-全球资源互联社区】连接全球出海营销资源。